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  1. ISSUES IN THE IMPLEMENTATIONS OF STANDARDS ACROSS JURISDICTIONS (ISRA-TR Report 2016)

    Published on 2016 by Zulkifli Hasan

    D espite tremendous development and achievement, Islamic finance faces difficulties in maintaining growth momentum through its existing framework and practices. While acknowledging the advantages and viability of Islamic finance, the International Monetary Fund (IMF) has reminded Islamic financial institutions (IFIs)…


  2. COMMODITY MURABAHAH / TAWARRUQ: WHY REGULATORS MUST STOP ITS USE (ISRA-TR Report 2016)

    Published on 2016 by Sohaib Umar

    I t was in 2013 that I became involved in a financing transaction between a bank in Africa and the Islamic window of a conventional bank in the GCC. A construction project needed financing and was already about 70 percent…


  3. AAOIFI SHARIAH STANDARDS: RECENT ISSUES (ISRA-TR Report 2016)

    Published on 2016 by Hamed Meera

    T he Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), established in 1991 and based in Bahrain, is an international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry. AAOIFI is…


  4. STANDARDIZATION AND HARMONIZATION OF ISLAMIC FINANCIAL PRACTICES: THE APPROACH OF THE CENTRAL BANK OF MALAYSIA (ISRA-TR Report 2016)

    Published on 2016 by Hafas Furqani, Mohamad Akram Laldin

    Industry practitioners have long believed that the absence of globally accepted standards in Shariah, accounting, legal, regulations and others, are among the factors that impede the realization of the full potential of Islamic finance and hamper the strategic objective of…


  5. EVOLUTION OF SHARIAH STANDARDS AND GUIDELINES FOR AAOIFI, IFSB AND BANK NEGARA MALAYSIA (ISRA-TR Report 2016)

    Published on 2016 by Simon Archer, Rifaat Ahmed Abdel Karim , Gopala Krishnan

    W hen Islamic banks were established in the 1970s, they were confronted with a major challenge: how to assure users that their services and transactions were in compliance with the cardinal rules and principles of Shariah — which was the…


  6. THE CONCEPT AND PRACTICES OF STANDARDIZATION IN ISLAMIC FINANCE (ISRA-TR Report 2016)

    Published on 2016 by Said Bouheraoua

    An ultimate objective of Islamic financial institutions is to achieve the optimum level of standardization. Reaching that level would enable Islamic financial institutions to enhance cross-border transactions, strengthen global connectivity and maximize profitability. However, Islamic financial institutions are faced with…


  7. EXCLUSIVE INTERVIEW with Mr. JASEEM AHMED (ISRA-TR Report 2016)

    Published on 2016 by Jaseem Ahmad

    What is your general assessment of the process and content of the existing Shariah standards/guidelines and parameters issued by various institutions such as AAOIFI, IFSB, IIFM, BNM, etc.? What, in your view, are the areas that require improvements?   Source:…


  8. MAJOR CHALLENGES IN ESTABLISHING A GLOBAL SHARIAH GOVERNANCE FRAMEWORK (ISRA-TR Report 2016)

    Published on 2016 by Ashraf Md. Hashim, Ziyaat Isaacs

    T he Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and International Financial Services Board (IFSB) standards on Shariah governance have not been enacted as legislature or institutionalized by the majority of Islamic finance institutions and regulatory authorities in…


  9. STRENGTHENING THE SHARIAH GOVERNANCE OF ISLAMIC FINANCIAL INSTITUTIONS: ISSUES AND RECOMMENDATIONS (ISRA-TR Report 2016)

    Published on 2016 by Abdelkader Amor

    Shariah scholars have played a central role in designing not only the business models of Islamic financial institutions, banks, takaful companies and capital markets firms since the emergence of the Islamic finance industry, but they have also been responsible for…


  10. MODELS OF SHARIAH GOVERNANCE ACROSS JURISDICTIONS (ISRA-TR Report 2016)

    Published on 2016 by Youness Soualhi

    A Shariah governance framework (SGF) acts as a yardstick for Islamic financial institutions (IFIs). Over the last few decades, several models of Shariah governance have been introduced, which capitalize on the best practices of corporate governance set by international standards…


  11. INSIGHTS INTO ISLAMIC FINANCE AND CORPORATE GOVERNANCE (ISRA-TR Report 2016)

    Published on 2016 by Rusni Hassan, Nurdianawati Irwani Abdullah

    Islamic finance is becoming one of the most significant additions to the modern global financial system. As interest piques and growth is seen throughout the Islamic financial system, the subject of corporate governance becomes more important for the obvious reason…


  12. SHARIAH FUNDAMENTALS OF GOVERNANCE (ISRA-TR Report 2016)

    Published on 2016 by Said Bouheraoua

    Organizing the contractual relationship between partners with regards to the division of responsibilities among different authorities is not a new phenomenon as it has been continuously practised in previous civilizations. However, what is new in the contemporary approach is the…


 

 

 


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